Female representation in the City is rising thanks to the Treasury Charter.
More than 800,000 employees in the UK are now covered by the Women in Finance Charter, as more than 30 new companies have signed up to the government’s plan to tackle gender inequality in financial services.
Vitality, Skipton Building Society, and Commerzbank AG are just some of the new firms signed up to the Charter, taking the total number of businesses signed up to over 330.
Jayne Anne-Gadhia, the government’s Women in Finance champion, said: “HM Treasury’s Women in Finance Charter continues to play a leading role in improving the gender balance across the UK’s financial services sector.
“We know that there is more to be done and I am pleased to see the progress made by Charter signatories so far, and that a further 36 financial services firms have made a public commitment to develop a more diverse and inclusive workforce by signing the Charter.
“HM Treasury’s Women in Finance Charter asks financial services firms to commit to four industry actions to prepare their female talent for leadership positions.”
The announcement marks the launch of the second Women in Finance Charter Annual Review that shows that female representation in senior management at firms who have signed up to the charter is rising.
Its data has found that 86% of signatories have either increased or maintained the proportion of women in the top jobs. The Review also shows that the Charter is holding firms to their promise, with 87% of signatories on track or already having met their ambitious targets.
Commenting in the issue, Aj Somal, a certified financial planner at Aurora Financial Planning, said: “This Treasury Charter is a good idea. Anything that increases the number of females in financial services has to be supported in order to reduce the gender inequality.
“More encouragement for firms to sign up for this Charter and similar schemes need to be supported. Perhaps even compulsory membership of the Charter within financial services may provide a potential solution to gender inequality.”
John Glen, economic secretary to the Treasury, said: “Gender equality is not just a moral imperative, it’s also better for employees and better for business. Which is why it’s vital that we see conversations on gender diversity taking place across the financial sector.
“Without the committed women and men championing the gender agenda at every level in their firms, we would not have seen the fantastic progress that we have today. But we will only see long-lasting change with consistent action, so we’ll continue to monitor the progress of the sector closely to ensure it keeps up the momentum. If progress slows, we can and will take further action.”
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Aamina Zafar is one of the UK’s leading financial journalists. She has previously worked as a senior reporter at FT’s Financial Adviser. The award-winning journalist writes regularly on the IFA community, mortgages, pensions and financial regulation.